Japan-based telecommunications and internet group SoftBank is considering the formation of a $300bn asset management arm, Bloomberg reported on Friday citing people familiar with the matter.
The prospective unit would incorporate Vision Fund, the $93bn venture capital and private equity fund SoftBank launched earlier this year with backing from sovereign wealth funds and corporates.
SoftBank expects to reach a $100bn final close of Vision Fund, which achieved its first close in May 2017, in the next two months according to the sources, who said the group aims to build its asset management activities to $300bn over the next four to five years.
The corporate paid $3.3bn to acquire alternative asset management firm Fortress Investment Group, which currently manages approximately $40bn of assets, in February 2017.
The sources told Bloomberg it had since weighed up potential acquisitions of investment firms as well as taking significant stakes in large private equity firms such as KKR, in which senior executives informally discussed investing earlier this year.